MID-SEMESTER REVISION

Note Case Study Question is equally weighted with other short answer questions (8 marks) Do not
invest too much time on case study. Study all areas. In the case study the exchange rate figures
suggest RM1 is worth $1.90 instead of $1.70 This means the ringgit has strengthened in value, more
expensive for overseas students.

WEEK 1 ECONOMIC OPTIMISATION
PROFIT MAXIMISATION RULE
COST MINIMISATION RULE
REVENUE MAXIMISATION RULE

WEEK 2 - DEMAND FUNCTIONS , DEMAND EQUATIONS
SUPPLY FUNCTIONS, SUPPLY EQUATIONS
MARKET EQUILIBRIUM, DISEQULIBRIUM

WEEK 3 CONSUMER BEHAVIOUR
INDIFFERENCE CURVES , BUDGET CONSTRAINTS
UTILITY MAXIMISATION
OPTIMAL CONSUMPTION
PRICE CHANGE INCOME AND SUBSTITUTION EFFECTS
ELASTICITY PRICE, INCOME, CROSS PRICE

WEEK 4 INPUT DEMAND
ISOQUANTS, BUDGET CONSTRAINTS
EFFICIENCY , COST MINIMISATION
MULTIPLE INPUT USAGE
OPTIMAL EMPLOYMENT AND PROFIT MAXIMISATION